The Cadiz Sentinel

Astounding Scheme - Confederate Cotton to Pass through the Blockade - Wm. Wheeler's Jobbery are.

From the St. Louis Republican.

Significant hints have been thrown out in recent dispatches, to the effect that propositions have been made and are pending between the Union and rebel authorities to buy clothing in the north for rebel prisoners in our hands, which is to be paid for by cargoes of cotton, allowed to be run through the Wilmington blockade. We have reason to believe that all the preliminaries have been settled, even to the concurrence of the President and of General Grant. It is a "big thing," but the misfortune of it all is, that it is nothing more than a private speculation, in which twenty odd millions of dollars at the least, are involved.

As the story goes, E. D. Morgan, of New York, a Senator in Congress, Henry J. Raymond, of the New York Times, and Chairman of the Republican National Convention, to re-elect Mr. Lincoln President; Thurlow Weed, who was opposed to, and only gave a reluctant assent to the re-election of Mr. Lincoln, and a fourth party, who was the negotiator, and had a carte blanche to pass to and from Richmond, are to be beneficiaries of this arrangement. They agree to supply all the clothing, blankets and other necessaries for the rebel prisoners in the United States, and in return are to receive in their own right the full amount in cotton at a stipulated price, but far below the actual value in New York or England, and they of course pocket the difference. It is, as we have said, a "big thing" for them, and very possibly a good thing for the rebel prisoners in the Union; but why did not our authorities make the arrangement for their own account, and thereby relieve the people to the extent of a few millions of dollars, now to be paid to individuals?